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EUR/USD closer to daily high at 1.0756

Support Level 1- 1.0659 (38.2% Fibonacci Retracement)

Support Level 2- 1.0520 (23.6% Fibonacci Retracement)

Current Market Price- 1.0737

Resistance Level 1- 1.0800 (April 23 high)

Resistance Level 2- 1.0848 (61.8% Fibonacci Retracement)

Commentary:

  • The EUR slipped against the USD as expected after European economic indicators but downside movement was only temporary. The pair made a new daily high of 1.0756.

  • Near term resistance is at 1.0800, with the break above that on a daily closing basis will expose the 61.8% Fibonacci retracement at 1.0848.

  • Alternatively, daily close below 1.0800 would bring the parity towards new downside pressure.

 

  • Market Data
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